The Importance of Service Marketing in Insurance Sector

In the present scenario, it is very necessary that more focus be placed on the marketing of services, which may be hospitality,health and medical, tourism, or product sales. The need is very much felt in the insurance sector, whether it is life insurance or general insurance, because in the insurance sector, you don't sell the product, but you sell the promises attached to the product, and if the services are not satisfactory or do not meet the needs and expectations of the customer, he or she feels cheated. This not only affects the market but also, at the same time, loses the confidence of potential customers who never turn back to that product or company that is marketing its services. The focus should be on the customer base with a positive attitude, dedication, and discipline so that it provides utmost satisfaction to the customers who have undertaken its services. In today's scenario, where there is tremendous competition among the fellow players, it is necessary that one stand tall and be tough as far as servicing the customers is concerned. Insurance is a sector that has a vast market in Asia, Europe, and the world, yet a high percentage of the population is not insured. The reasons may be several, such as low literacy level, ignorance,low per capita income, etc., but even though nowadays insurance is tagged with health, products, and a better lifestyle, slowly and steadily the inclination towards insurance has increased and has brought many players into the market.

Keeping this in mind, better customer service is expected from the players in terms of policy servicing,claim payment, and compliance with the terms and conditions of the contract. Secondly, the important aspect is the interpersonal relationship between the service provider and the customer, because this gives you an impediment to grow and develop in a geometric progression so that the result is positive and growth is guaranteed. Every aspect of the customer's needs must be addressed, and any grievances must be resolved as soon as possible so that the customer's trust in the service provided remains intact. It is also felt that these factors have a great impact on the customer, not only keeping the customer base intact but also building a good environment for the marketing of a new product in terms of the expansion of the organisation.

 

 

Thus, different tools are employed for better service, such as feedback reports, rating symbols,complimentary gestures, and lively interactions. These tools help in building a good relationship for a longer time with the organisation, and the rate of acceptance of the product increases. Thus, one has to be very sure about the moves and strategies required to move towards potential customers in the most efficient and effective way so as to reach the maximum number of customers in the stipulated time and stipulated budget so that the needs and goals of the organisation are achieved as desired in a simple and better way. The other tools may be direct interactions by organising symposiums, interactive sessions, and conferences where the interaction makes things clear in terms of the needs of the customer and future strategies of the organisation.

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